The Ministry of Knowledge Economy is the result of a 60 year transformation in the Korean economy. Its predecessors include the Ministry of Trade and Industry and the Ministry of Energy and Resources, which were merged into the Ministry of Trade, Industry, and Energy (MOTIE) in 1993. During the government reforms of 1998, responsibility for international trade issues was moved to the Ministry of Foreign Affairs and Trade, and the Ministry was reorganized once again, this time as the Ministry of Commerce, Industry, and Energy (MOCIE).
Elected with a national mandate to invigorate the Korean economy, President Lee Myung-bak took office in 2008 and merged MOCIE with elements of the Ministry of Information and Communications, the Ministry of Science and Technology, and the Ministry of Finance and Economy. The resulting body was an enhanced government instrument capable of meeting new challenges of the 21st century: the Ministry of Knowledge Economy.
A knowledge economy embeds traditional goods and services with a premium derived from greater levels of research and innovation intelligence. Korea is turning its focus to accentuate the production of these globally-competitive, value-added goods and services. Different from other economic models which rely primarily on natural resources or manpower, knowledge will be the primary engine of productivity and growth for the Korean economy.
At its core, the Ministry strives to assemble traditional industrial know-how, cutting edge R&D, and strong pro-business policies. MKE is a seamlessly integrated composition of former Ministries of Commerce, Industry and Energy; Information and Communication; and Science and Technology. This combination provides a vast array of experts to create synergies, spur innovation, and upgrade the nation’s economy.
As an advocate for economic growth, MKE has considerable jurisdiction in creating a more business-friendly environment. The Ministry also pushes for development of new growth engines by supporting Information and Communications Technologies (ICT) and high-end manufacturing. It also promotes foreign trade, pursues Foreign Direct Investment (FDI), and champions efficient markets.
Furthermore, the Ministry is mandated to engage in energy cooperation projects, expand renewable resources and distribution networks, and craft environmentally-friendly economic policies. These initiatives work to fulfill the Ministry’s additional responsibility of providing for Korea’s day-to-day energy requirements.[1]
